UFO Gaming has exploded over 45% in the last 24 hours and close to 80% in the past week. The surge comes after months of decline, with the price appearing to bottom and break out of a downward trend. Traders are now wondering if UFO could repeat its parabolic 100X gain from last cycle.
The recent price action is a notable change after UFO’s prolonged downward movement that continued into February. Technical analysts see signs of a potential trend reversal, with UFO breaking out following an extended bottoming.
What you'll learn 👉
What is UFO Gaming?
UFO Gaming is a decentralized gaming platform featuring play-to-earn mechanics, NFTs, and DeFi functionality. Players can earn rewards and NFT characters called UFOeps. After launching in 2021, UFO is now expanding with exchange listings and partnerships. Upcoming milestones include a marketplace, metaverse, and new games.
Traders Anticipate a Repeat
According to FiletTrading, there are similarities to the massive run in the 2021 bull market. He highlights how UFO was his most profitable gem, turning $3,000 into $160,000. With UFO still far below its all-time high, FiletTrading questions if history could repeat itself.
Conclusion
UFO Gaming’s powerful breakout has traders speculating about another exponential run. Given UFO’s priors of surging 100X in its last bull market, there is anticipation it could stage a similar feat this cycle. Now trading at just a fraction of its peak, UFO has room to replicate its meteoric ascent if it regains momentum. With the price already up 45% in the past day, UFO is a rocket ship worth watching.
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